Mining Hardware Thief Gets 3-Year Sentence in Russia
Russian authorities have investigated a number of cases involving the theft of crypto mining equipment in the past months. A resident of Yaroslavl has just been found guilty of stealing mining hardware worth over $20,000 and sentenced to three years in prison. Russian Convicted of Stealing Mining Rigs Receives Prison Sentence A 34-year-old man from the city of Yaroslavl, some 250 kilometers northeast of Moscow, has been found responsible for the theft of equipment for cryptocurrency mining. The hardware’s value has been estimated at 1.6 million rubles (almost $22,000),....
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Platforms listing ads for mining hardware have been registering declining demand since Bank of Russia’s call for a ban on the minting of digital currencies among other crypto activities. While mining may eventually be legalized, miners can expect to pay higher electricity bills.
Supply Exceeds Demand on Russian Market for Mining Chips
Mining hardware is now more often offered than sought, Russian online marketplaces have noticed. The trend began after the Central Bank of Russia (CBR) published a consultation paper this month, in which the regulator proposed a blanket ban....
China’s crackdown on its crypto mining sector, launched earlier this year, caused a massive migration of mining enterprises to friendlier jurisdictions. Miners have been moving enormous amount of coin minting hardware to new bases around the world, with Russia reportedly taking the largest share among several attractive destinations, including the U.S. Russia, Kazakhstan, US Accept Most Chinese Mining Rigs The influx of Chinese miners in several countries which either provide certain regulatory clarity or offer cheap energy has been accompanied by a large transfer of mining....
The Russian Ministry of Finance is taking a hard stance against Russian adopters of bitcoin and cryptocurrencies, with a proposal that -while not yet legal or enforced-aims to punish users engaging in Bitcoin trading with a prison sentence of up to 4 years. While most governing bodies around the world looks to adopt bitcoin or block chain technology or look for ways to regulate the cryptocurrency, Russia is unrelenting in its stance toward what it sees as the "trafficking" of Bitcoin. The Russian Ministry of Finance that had previously supported fines of up to 500,000 rubles or a 2-year....
The market for crypto mining equipment in Russia has seen strong interest from buyers of both new and used devices, retail data indicates. This year, demand for application-specific integrated circuit (ASIC) machines has multiplied exponentially while video cards have been in short supply leading to rising prices. Crypto Miners in Russia Looking to Increase Computing Power Online retailers have registered a surging demand for mining machines, brand new and second hand, the Russian business daily Kommersant reported. Searches for devices designed to mine bitcoin (BTC), or ASICs, on the....
An unknown client in Russia has stacked 20,000 Bitcoin miners at one of BitRiver’s locations in Siberia. Russia has reportedly imported thousands of cryptocurrency mining devices amid a massive surge in the crypto market.A senior executive at BitRiver, the largest crypto mining colocation services provider in Russia, claimed that a local client received over 20,000 crypto mining devices, Russian news agency Kommersant reports Feb. 10.BitRiver founder and CEO Igor Runets said that the total mining power of the imported hardware amounts to 70 MWh, which is reportedly estimated to make up the....